When you find yourself without health insurance, there are a lot of coverage options you can consider.
There’s COBRA (Consolidated Omnibus Budget Reconciliation Act) coverage, an individual health policy or a health plan through the federal Health Insurance Marketplace. While these can be great options, they do not always cover your immediate health care needs.
Find health insurance: See your options at Sanford Health Plan
Here are four of the most common reasons someone may consider a short-term, limited-duration (STLD) health plan.
1. Missing open enrollment
Open enrollment for individual health insurance occurs from Nov. 1 to Dec. 15 each year, with an effective date of the following January. If the open enrollment period is missed, enrollment into a new health plan is not possible until the next open enrollment period — unless a qualifying life event has occurred.
Qualifying life events are major moments in your life — like adopting or having a baby, getting married, moving or losing health insurance coverage — that make you eligible for a special enrollment period (SEP). An SEP allows you to enroll in a new health plan outside of the annual open enrollment period. Though, some life events, like an illness or injury, do not qualify as an SEP.
If you do not qualify for an SEP, an STLD health plan ensures you are covered until the next open enrollment period.
2. Filling the gaps immediately
STLD coverage can begin as early as the day after you apply. This means you can get immediate health insurance coverage. Because an STLD is temporary, it can last for a very short period all the way up to 364 days.
3. Waiting for ACA coverage to take effect
Many health plans on the federal Health Insurance Marketplace offer one effective date: the first day of the following month. Depending on when you lose your previous health insurance and submit your ACA coverage application, you may have to wait up to 45 days before coverage begins. An STLD health plan allows you to receive immediate, temporary coverage until that effective date.
4. Awaiting new employee coverage
While some employers offer benefits on the first day, many require employees to work for a given period of time before health insurance benefits begin. Newly hired employees can use an STLD health plan to ensure coverage while waiting for employer-sponsored health insurance to start.
Call (888) 535-4831 to learn more about the STLD health plan Sanford Safeguard.
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Posted In Health Plan